Strong average same-store sales growth in both Canada and the U.S. markets
•
Sold our 50% joint-venture interest in Maidstone Bakeries for gross proceeds of $475 million
•
Tim Hortons named as one of the World's Hottest Brands in a global research report by Advertising Age®
•
Successful product launches including Homestyle Oatmeal and the English Muffin Breakfast Sandwich
2010 was a year of growth for Tim Hortons. We believe our strategic roadmap positions Tim Hortons well for continued progress.
FINANCIAL HIGHLIGHTS ($ in millions, except EPS. All numbers are rounded; all information presented in this report is provided in Canadian dollars, unless otherwise noted.)
2010
2009
Revenues
$
2,536.5
$
2,438.9
Operating Income1
$
872.2
$
525.6
Diluted EPS
$
3.58
$
1.64
FINANCIAL STRENGTH
Current Ratio
2.1
Quick Ratio
1.5
Debt to Equity Ratio
30.3%
1
2010 full-year operating income includes a gain of $361.1 million from the sale of our 50% joint-venture interest in Maidstone Bakeries, offset in part by $30.0 million, related to the sale, allocated to our Restaurant Owners, which is recorded as a reduction to revenues. 2010 full-year operating income also included a net charge of $28.3 million, from asset impairment and related restaurant closure costs.
2010 results also have one less week of operations compared to 2009. Results for 2009 incorporate adoption of new accounting standard SFAS no. 167. See investor fact sheet at timhortons-invest.com for definitions.
Source: Company Information.
Safe Harbor – Historical trends may not be indicative of future results. All statements in these introduction and closing pages are related to the Company's 2010 financial results and 2011 outlook and are qualified in their entirety by more detailed information included in our 2010 Annual Report on Form 10-K, which includes a description of risks that may affect the Company's future plans and financial performance under Item 1A, "Risk Factors." Our Safe Harbor Statement is also included in our Form 10-K as Exhibit 99. The risk factors identified in our Form 10-K and Safe Harbor Statement could affect the Company's actual results, which may differ materially from statements expressed in these pages. You are encouraged to read this important information to understand more about underlying risks facing the Company and the Company's reliance on the Safe Harbor Statement in making forward-looking information available. All information presented in this report is as at January 2, 2011, unless otherwise noted.
